Published: 12 Nov 2012 21:29 GMT+01:00 | Print version
Updated: 12 Nov 2012 21:29 GMT+01:00
German authorities on Monday launched nationwide raids on suspected tax evaders in connection with a probe into several hundred Germany-based clients of Swiss bank giant UBS, a local prosecutor told AFP.
"We are investigating several hundred domestic clients of Swiss bank UBS on suspicion of tax evasion," said Bernd Bieniossek, a prosecutor in the western city of Bochum.
Some 50 tax investigators took part in the nationwide raids earlier on Monday, Bieniossek said.
The raids were in connection with data recovered from six computer discs purchased by the German state of North Rhine-Westphalia (NRW) containing information on some 7,000 UBS clients based in Germany suspected of hiding cash from the taxman.
Another public prosecutor in the city of Mannheim said last Thursday they were investigating the German branch of UBS over suspicion of tax evasion.
UBS chief Axel Weber, also a former head of the German central bank, said in a German press interview in August that his bank had "zero tolerance" for tax fraud.
But NRW state premier, Hannelore Kraft, told the Bild mass circulation daily in September the data purchased recently indicated Swiss banks were offering clients tips on how to transfer cash away from Switzerland to Asia before a planned tax deal between the two countries comes into force.
A spokesman for UBS told AFP on Monday that the bank "clearly supports the need for its German clients to conform to the tax laws."
"In 2009, UBS conducted a thorough examination of its cross-border activities and, where it was considered necessary, adapted its rules," the spokesman said.
"Any UBS employee who does not adhere to these rules is punished by measures up to and including dismissal," added the spokesman.
A tax deal between the two countries, aimed at ending such disputes, is to take effect in January 2013 but still needs to be ratified by both parliaments.
The double taxation agreement, signed by ministers earlier this year, would see German citizens with assets parked in Switzerland's notoriously secretive banks paying a tax rate of 26.4 percent on these holdings.
But opposition lawmakers in the German upper house, the Bundesrat, have threatened to block the deal.
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After going undefeated throughout the world ice hockey championship tournament, Switzerland finally succumbed to home town favorite Sweden in the final, losing 5-1 in Stockholm on Sunday. READ () »
Switzerland will play hosts Sweden in the final of the world ice hockey championships on Sunday after each side registered a 3-0 semi-final victory over the United States and Finland respectively. READ () »
Jewellery worth more than $1 million made by Swiss luxury watchmaker and jeweller Chopard and due to be loaned to stars walking the red carpet at the Cannes film festival were stolen from a hotel, French police said on Friday. READ () »
Chinese Premier Li Keqiang embarks this weekend on his first foreign trip since taking office, with a stop in Switzerland on the itinerary and free trade talks between the two countries close to completion. READ () »
The Salvation Army band carrying Switzerland’s hopes into the Eurovision Song Contest was vanquished on Thursday night in Malmö, Sweden. READ () »
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International Cycling Union (UCI) president Pat McQuaid can count on the support of the Swiss federation in his bid for re-election, the sport's global governing body said on Thursday. READ () »
Switzerland headed to the world ice hockey championship semifinals after a 2-1 win over the Czech Republic on Thursday in Stockholm. READ () »
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